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Nifty finalally closed above the crucial resistance level and so rallied further 150 points from there.
SHORT TERM POSITIONAL TRADES( Holding period 2 to 7 days)::
Two important levels to watch are 10500 as support levels and 10765-10800 as resistance zone.
LONG TERM POSITIONAL TRADES( Holding time 1 to 7 weeks)::
Trend remains buy on dips. But avoid going long at higher levels especially near resistance zone 10765-10780.
The leadership role is still missing in Bank Nifty . So no aggressive buy reccomendation .
SHORT TERM POSITIONAL TRADES( Holding period 2 to 7 days)::
24800 and 25450 is still valid.
LONG TERM POSITIONAL TRADES( Holding time 1 to 7 weeks)::
24800 support was well maintained on closing basis and those who went long there can book profit now near 25600 -25800 zone.
MAJOR SUPPORT LEVELS ON CLOSING BASIS AR 24800-24500-24200-24050-23600
MAJOR RESISTANCE LEVELS ON CLOSING BASIS ARE ::25450-25650-25825-26325
Range bound trading is continuing in Gold for the last several weeks. So now be ready for either side breakout.
SHORT TERM POSITIONAL TRADES( Holding period 2 to 7 days)::
Watch closely the levels of 1300. If broken on closing basis then trend will become sell on rise.
LONG TERM POSITIONAL TRADES( Holding time 1 to 7 weeks)::
Be ready to trade both long and short as the range can be broken anytime soon.
IMPORTANT TRADING RULES::
PLAN YOUR TRADE THEN TRADE YOUR PLAN.
ALWAYS TRADE NEAR GANN LEVELS TO MINIMIZE RISK.
NEVER BE RIGID IF SUPPORT & RESISTANCE LEVELS ARE BROKEN.
NEVER TRADE WITHOUT STOP LOSS.
PUT STOP LOSS IN THE SYSTEM NOT IN MIND.
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